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Level 1
March 19, 2022
Question

IRA repayment

  • March 19, 2022
  • 2 replies
  • 1 view

May have made a mistake.... pulled IRA funds in 2021 to buy piece of land, now have a huge tax bill, can I repay IRA from cash on hand before April 2022?

    2 replies

    Alumni - Champ
    March 19, 2022

    Yes, but you might also owe a penalty and interest for underpayment of estimate taxes.

    Level 15
    March 19, 2022

    No.  The deadline for rolling over this distribution was the 60th day following the date of the distribution.  As it is now March, 19, you are at least several weeks beyond that deadline, probably much more.